FX.co ★ EUR/NZD analysis for August 28, 2014

Overview:

Since our last analysis, EUR/NZD has been trading downwards. As we expected, the price has tested the level of 1.5705 (Fibonacci retracement 38.2%) in a volume just above average according to the 4H time frame, which is a sign that buying looks very risky. It is still unsafe to buy anything, so watch for potential selling opportunities after retracement. If the price breaks the level of 1.5710 in a higher volume, we may see potential testing the level of 1.5595. According to the 1H time frame, we can observe high volume but very low price action (weak demand). Watch for potential selling opportunities.

Daily Fibonacci pivot levels :

Resistance levels:

R1: 1.5796

R2: 1.5818

R3: 1.5855

Support levels:

S1: 1.5722

S2: 1.5700

S3: 1.5663

Trading recommendations: Be careful when buying the EUR/NZD pair and watch for selling opportunities after retracement.